Newsweek magazine has reportedly agreed to terms with the
website The Daily Beast, according to Tina Brown, co-founder
and editor for the online newspaper. The two companies
had abandoned merger talks several weeks ago, but have
evidently resumed talks and finalized a deal.

The two companies will reportedly merge into a 50-50 joint
venture that will be known as the Newsweek Daily Beast
Company. Management will report to an independent
board. Brown, who has previously served as an editor for
The New Yorker and Talk Magazine, will serve as the
editor-in-chief of the new company.

Newsweek has been functioning without an editor since its
owner, stereo magnate Sidney Harman, purchased the company from
the Washington Post Co. for a token cash price of $1 back in
September. Harman, 92, will serve as executive chairman
of the new venture while Daily Beast President Stephen Colvin
will serve as CEO.

The Wall Street Journal recently reported that Newsweek is on
pace to lose $20 million this year, while the Daily Beast is
headed towards a loss of $10 million.

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